Jamaica’s Mining Fiscal Regime: H1 2014

The Mines and Geology Division under the Ministry of Science, Technology, Energy and Mining (MSTEM) is the main authority responsible for executing activities related to the mining portfolio. The mining sector is governed by various enactments, some of which are specific to the material being mined. The Natural Resources Conservation Authority Act issues environmental permit required for mining and also performs various functions in respect to natural resources and to protect environment.

Scope

The report outlines Jamaica’s governing bodies, laws, licenses and key fiscal terms which includes Royalty, Corporate Income Tax, Capital Gain Tax, Depreciation, Withholding Tax, Loss Carry Forward, General consumption Tax, CGT.

Key Highlights

• The Ministry of Science, Technology, Energy and Mining (MSTEM) is responsible for the benefits all the Jamaicans through focusing on metals and mineral sectors.

• The Ministry’s Mines and Geology Division has primary responsibility for executing activities related to the mining portfolio.

• Natural Resources Conservation Authority Act issues environmental permit required for mining and performs certain function in respect to natural resources and to protect environment.

Reasons to buy

Gain an overview of Jamaica's mining fiscal regime.

Companies mentioned

Table of Contents

1 Executive Summary 1

2 The Jamaican Mining Industry – Governing Bodies 5

2.1 Ministry of Science, Technology, Energy and Mining (MSTEM) 5

2.2 National Environment and Planning Agency 5

3 The Jamaican Mining Industry – Governing Laws and Mining Rights 6

3.1 Natural Resources Conservation Authority Act 6

3.2 Mining Rights 6

3.2.1 Prospecting rights 6

3.2.2 Exclusive Prospecting License 6

3.2.3 Mining lease 6

3.2.4 Special Exclusive Prospecting License 7

3.3 Mining License attributes 7

3.3.1 Transfer of mining lease and exploration license 7

3.3.2 Surrender of mining lease and exploration license 7

3.3.3 Revocation of mining lease and exploration license 7

4 The Jamaican Mining Industry – Key Fiscal Terms 8

4.1 Royalty 8

4.2 Corporate Income Tax 8

4.3 Capital Gain Tax (CIT) 8

4.4 Depreciation 8

4.5 Withholding Tax 8

4.6 Loss Carry Forward 8

4.7 General Consumption Tax (CGT) 8

5 Appendix 9

5.1 What is this Report About? 9

5.2 Methodology 9

5.3 Secondary Research 9

5.4 Primary Research 10

5.5 Contact GlobalData 10

5.6 About GlobalData 10

5.7 GlobalData’s Services 11

5.8 Disclaimer 12

List of Tables

Table 1: The Mining Industry in Jamaica – Fiscal Regime Terms and Other Taxes 1

Table 2: The Mining Industry in Jamaica – Depreciation (%), 2014 8

List of Figures

Figure 1: The Mining Industry in Jamaica – Number of Bauxite Operating Mines 1

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